FX.co ★ Bitcoin Goes For New Highs!

The price of Bitcoin is trading at 37,321 level and it seems strongly bullish again after failing to develop a larger correction. BTC/USD is traded above strong support levels confirming once again that the bullish bias remains intact.

The price action has developed a continuation pattern in the short term. An upside breakout validates strong buyers and further gains towards the 41,986 all-time high. Bitcoin's price could resume its upwards movement after the most recent temporary decline.

BTC/USD In The Buyer's Territory!

BTC/USD moves sideways forming a triangle continuation pattern. Jumping and closing above the 38,000 psychological level indicates further growth. Technically, the price is expected to resume its uptrend after failing to stabilize under the median line (ML) and after the seller's incapacity to push the rate down to retest the black uptrend line.

You can notice that the price has tested and retested the median line (ML) and the Pivot Point (35,330) attracting more bullish energy before moving towards new highs.

Trading Tips!

The last three false breakdowns below the median line (ML), rejections, suggest further growth. Closing and stabilizing above the $38,000 psychological level could represent a long signal.

The R1 (41,580) and the 41,986 historical high could be used as immediate upside targets. Technically, the price could be attracted by the upper median line (UML) after the price's failure to stay below the median line (ML).